Member Notice: How to Avoid a Bitcoin Blackmail Scam


According to The Federal Trade Commission’s Consumer Information Department, a new extortion scam is on the rise.

Here’s how the FTC describes the scam:

“I know about the secret you are keeping from your wife and everyone else. You can ignore this letter, or pay me a $8600 confidentiality fee in Bitcoin”.

It’s enough to send shivers down anyone’s spine, but these chilling words are part of a new scam targeting men.

Here’s how it works. Scammers have been sending letters to men, demanding payments using bitcoin in exchange for keeping quiet about alleged affairs. The letter also explains how to use bitcoin to make the payment.

This is a criminal extortion attempt to separate people from their money.

If you — or someone you know — gets a letter like this, report it immediately to your local police, and the FBI.

Threats, intimidation and high-pressure tactics are classic signs of a scam. Learn how to stay ahead of clever crooks with these practical tips, and check out the ways you can keep your personal information secure.

The Bitcoin Scam was shared by The Federal Trade Commission/Consumer Information.